Jean Pierre Mustier has ruled out UniCredit from entering the fray for UBI Banca, following Intesa Sanpaolo’s €4.9 billion bid for Italy’s fifth biggest bank. In a letter to employees shortly after Intesa’s move, he reiterated that UniCredit remains focused not on M&A but on its internal transformation, its financing of the Italian economy and its businesses across Europe.
Mustier’s much-needed moves to de-risk UniCredit and strengthen its capital had already brought it close to losing its lead as Italy’s biggest bank by assets.
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